"This money is going to be used by these soybean farmers, by the cotton farmers in the southeastern part of Missouri, by the corn farmers in Missouri to go and get those loans now from from the banks, because they were not going to be able to get these loans based on their losses and the help, the safety nets not being there."
"But that's not what farmers are telling you, Keilar said, noting one farmer told Alford at a town hall over the summer that trade tensions with China have led to a high increase in supply costs. Ragland also noted that though China is buying soybeans again after stopping amid trade negotiations with China, they are not buying at the level they previously were and they are the biggest buyer of U.S. soybeans."
A one-time $12 billion bailout payment aims to assist American farmers by covering losses and enabling loan access when banks had refused loans. Safety nets from roughly 80% of the farm bill, including increased reference prices, are intended to support soybean, cotton and corn producers. Farmers and the American Soybean Association reported severe economic strain, citing trade tensions with China that raised supply costs and reduced soybean purchases from the nation's largest buyer. Questions remain about whether the administration fully appreciates farmers' concerns. Some officials attributed rising fertilizer and fuel prices to Biden-era policies, prompting political dispute over responsibility.
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